Janux Therapeutics (JANX) lacks near-term stock-moving catalysts after the stock came under pressure following mixed results from phase 1a trial of JANX007 in 5L metastatic prostate cancer, UBS said in a Wednesday report.

The report said focus will now be on the phase 1b update in taxane-naive metastatic castration-resistant prostate cancer population in H2, with upside depending on whether the data showing a clean safety profile and durable radiographic progression-free survival compared with Pluvicto.

"We think 2H26 data will likely be incremental with limited impact on the stock," the note said, given among others that that the trial is in dose optimization.

The report said a more substantial update may be in 2027, when

more patients from expansion cohorts and more mature follow-up are expected.

UBS downgraded the stock to neutral from buy and lowered its price target to $15 from $57.

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